In this case, fare and toll hikes will cover just 38 percent of the projected $4.6 billion in extra MTA costs in coming years.

The lion’s share of that bill, by the way, is for debt-service payments and for perks for employees — like pensions, set to soar 7 percent through 2015, and health care, heading up almost 10 percent.

If straphangers want to direct their anger at anyone, they might consider the labor bosses at the Transport Workers Union, who demand the juicy perks.

In any case, the agency’s choices for the hikes are sound: Rather than keep the base fare at $2.25 and raise everything else drastically, MTA brass would bump it up a quarter, while holding down other rates.

That would benefit the most riders — since most trips are paid for with 7-day, 30-day or pay-per-ride cards.

Any way you cut it, though, New York buses and subways will still be a good deal.

Consider: Fares today, which average (after discounts) $1.62 a trip, cover only about half the actual operating cost. That’s just $1.08 in 1996 dollars, far less than the $1.50 fare charged at the time.

Fact is, inflation-adjusted fares have been falling for years — even as New Yorkers enjoy more miles and hours of service than just about anywhere else.

No doubt, the hikes will hurt — particularly for those riders struggling amid tough economic times and/or Sandy hardships.